2023-09-23 09:39:09
New conditions for double taxation agreements between Austria and China combat tax abuse and intensify economic relations
Vienna (OTS) – Finance Minister Magnus Brunner and Deputy Finance Minister Jun Wang of the Chinese State Tax Administration (STA) signed an amendment protocol to the existing double taxation agreement (DTA) between Austria and China.
The Protocol of Amendments provides far-reaching updates and improvements designed to facilitate bilateral trade and investment. The most important changes include reducing withholding taxes, extending the deadline for establishing a permanent establishment and updating outdated provisions. In particular, the agreement will now comply with the standards of the 2017 OECD Model Tax Convention and the OECD Guidelines on Combating Tax Abuse and International Administrative Assistance.
“By signing this amendment protocol, we are not only strengthening the already strong economic relations between Austria and China, but also modernizing and optimizing the tax framework. This creates a more stable and predictable environment for companies in both countries and thus promotes bilateral trade and investment,” said Brunner.
OECD standards implemented in agreements
Brunner also emphasized the importance of the introduced OECD standards: “The integration of OECD standards is an important step towards transparency and legal certainty in cross-border tax law.”
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